The Economic and Financial Crimes Commission (EFCC) has informed a Lagos High Court sitting in Ikeja that it possesses no evidence to substantiate Peter Okoye’s allegation that his brothers, Jude and Paul Okoye of the defunct P-Square group, fraudulently withdrew $800,000. This revelation came during resumed cross-examination in the ongoing fraud trial.
Peter Okoye had, in 2024, petitioned the EFCC, accusing Jude and his twin brother Paul of diverting P-Square group funds, operating 47 undeclared bank accounts, and manipulating the share structure of Northside Entertainment Ltd, a company he claimed they jointly owned. The EFCC subsequently filed charges against Jude over alleged financial misconduct in the management of the P-Square brand.
During today’s proceedings, EFCC counsel, M.K. Bashir, told Justice Rahman Oshodi that the commission could not present evidence for the alleged $800,000 withdrawal. When directly asked by the judge to substantiate Peter’s claim, Bashir stated unequivocally: “We do not have it. It is his evidence. Let him prove it. I can’t give what I don’t have.”
This statement directly contradicts Peter’s earlier testimony on May 23, 2025, where he claimed to have obtained new evidence showing how Jude and Paul allegedly withdrew and shared more than $800,000 between March 2023 and October 2024. However, when confronted by defence counsel, Clement Onwuenwunor, SAN, with inconsistencies in his testimony, Peter shifted his position, stating that the alleged withdrawal actually occurred between 2013 and 2014.
The defence further challenged Peter’s assertion that Jude operated 47 bank accounts. Peter insisted that the EFCC held the evidence for these accounts, but EFCC counsel Bashir strenuously denied the claim, stating: “I do not have 47 bank accounts. It is one of the witness’s claims, but I do not have such a copy.” Onwuenwunor then asked the court to order Peter and the EFCC to produce the alleged 47 accounts. Justice Oshodi, however, rejected the request, ruling that the defence must apply formally since the documents were neither before the court nor part of the admitted evidence.
Adding to the day’s revelations, the defence also confronted Peter over his claim that Jude owned 80 per cent of Northside Entertainment. Although Peter maintained he had proof, the defence tendered official Corporate Affairs Commission (CAC) records that reportedly contradicted his assertion regarding the company’s ownership structure.
Peter was further questioned on his claim that he was unaware of the existence of “Northside Music” and that Jude signed artist Cynthia Morgan without his knowledge. He testified that he only discovered the company in 2024 when Cynthia Morgan sent him her contract. He highlighted a discrepancy, noting that while the contract was presented on a Northside Entertainment letterhead, it was officially signed with “Northside Music,” and surprisingly, her albums were credited to “Northside Inc.”
Justice Oshodi has adjourned the matter to December 12, 2025, for the continuation of the trial.
Read also: Delta Chef, Rita Asuquo Set to Cook Delta’s Largest Banga Soup for 2,000 in Warri Unity Event
